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Trading Made Simple the right way, and other trading lessons 334 replies

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Trading Made Simple(r)

  • #7,221
  • Jan 18, 2022 9:24am Jan 18, 2022 9:24am
Quoting oohoo
{quote} Thank you! Something like: after 1:1 RR move to b/e (no profit taking), then trail as appropriate, right? Or exit all 3 at 1:1 RR - still better than taking partial profit?
Yes, but you really need to shoot for 1.5:1 or 2:1.
Always a Student, Never a Master - Emulate What Works
  • #7,222
  • Jan 18, 2022 9:30am Jan 18, 2022 9:30am
Quoting oohoo
{quote}{quote} That's a very valuable account. As for this{quote} could you maybe hint or show in which direction this lies?
I did hint...I said...

"Nor have I have shown them to anybody and I never will. But again, the hint is, they are "chart patterns" (and not the common ones everyone knows about) that repeat over and over again on EVERY chart, in every time frame, in every market."

Just look for simple, commonly repeated patterns. They are on every chart.
Always a Student, Never a Master - Emulate What Works
  • #7,223
  • Edited 11:16am Jan 18, 2022 9:49am | Edited 11:16am
Quoting stiffdogg06
{quote}{quote} And I am grateful that even after 3 years, you still update the thread with your thoughts, opinions, and continue to help those who want to follow this method. After 5 years of messing with Forex on/off, I finally found something I can relate to. I've gone through systems here before and by the time you get to the end of the thread, people are posting photos that look NOTHING like the original post or system. Maybe one day we'll get that stock method.
I spent many, many years trying to perfect my stock trading method. I won't say that I've done that, but just like in hand grenades and horseshoes, I only need to get close to win...and THAT I have successfully done. The great strength to my stock trading method is it telling me when to get out before giving too much of the profits back. back.

I'll give you 3 important points to consider...

1. Look at WEEKLY stock charts, ones that are relatively smooth like Apple, Google and Microsoft.

2. Using what you've learned here, go apply it to stocks.

3. Figure out a reasonable way to make Crossover and Continuation Trades. Doing that will help you time your entries so that you can use reasonably small stops for when you are wrong.
Always a Student, Never a Master - Emulate What Works
  • #7,224
  • Jan 18, 2022 11:47am Jan 18, 2022 11:47am
Current 4HR trade I am in.
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Remember, the market never lies. It is only we who lie to ourselves.
  • #7,225
  • Jan 18, 2022 12:01pm Jan 18, 2022 12:01pm
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  • #7,226
  • Jan 18, 2022 12:06pm Jan 18, 2022 12:06pm
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  • #7,227
  • Jan 18, 2022 5:38pm Jan 18, 2022 5:38pm
Closed out trades for today and the last week. The small trades were when I was using a very small lot size. I then started to use 1% risk, so lot sizes increased
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Remember, the market never lies. It is only we who lie to ourselves.
  • #7,228
  • Jan 18, 2022 6:47pm Jan 18, 2022 6:47pm
Quoting stiffdogg06
Closed out trades for today and the last week. The small trades were when I was using a very small lot size. I then started to use 1% risk, so lot sizes increased {image} {image}
Excellent! Excellent! Excellent! Congrats.
Always a Student, Never a Master - Emulate What Works
  • #7,229
  • Jan 18, 2022 11:51pm Jan 18, 2022 11:51pm
Thanks for all of your posts Stiffdogg06. (...and as always, thank you RobinHood!)
I am following what you are doing since it is very similar to what I am trying to do with RobinHood's Tempalte #1 as a base.
I am looking forward to seeing your future moves.
Please keep us updated and let us know of any changes you make to your strategies.
Would you mind that when you enter a trade, you walk us through why you entered? That would be a big help.
Thanks!
  • #7,230
  • Jan 19, 2022 12:32am Jan 19, 2022 12:32am
Quoting RobinHood
{quote} (My) testing showed that letting all 3 units run and exiting all 3 at the same time was more profitable vs. exiting one unit at a time at different levels. Run --> It means staying in until they get stopped out by way of an indicator (or hit a profit target).
This time I am on topic (and apologies again for the distractions I caused over the last few days).

Following on from RobinHood's comments about closing all trades at a certain point, I have done this for a while now whenever I have been able to generate a number of trades in a day that all (or most) go into profit together. Instead of working with each trade individually, I treat them as a collective, so if the total profit for my day (at or just before London market close) is anywhere above 2% I will close up for the day and sleep peacefully. I don't like holding active trades overnight if I can help it, so this approach is something that works very nicely for me.

There must be a name for this out there but I just call it "basket trading". I have found that there is only a certain amount of time that my basket of trades mostly all stay in profit and that the longer I leave them open one of more would start losing steam and end up with a loss. When this happens it usually means that my total for the day almost never reaches what it was when they were all together. I had good success with a basket of trades just yesterday when, using a system I don’t need to name, I had 5 trades all in profit to a greater or lesser extent, none of them spectacular, but together worth about 3% on the day.
  • #7,231
  • Edited 6:48am Jan 19, 2022 6:33am | Edited 6:48am
Just to have a discussion.

If over time, it is more profitable to exit all 3 units at the same time, why open 3 units and not just 1?

I think I like the 1 unit order and use a fixed SL until price starts moving and then add a trailing stop (TS). What's is everyone's opinion on a TS and what is typically a good TS in pips?
Remember, the market never lies. It is only we who lie to ourselves.
  • #7,232
  • Jan 19, 2022 6:45am Jan 19, 2022 6:45am
Quoting stiffdogg06
Just to have a discussion. If over time, it is more profitable to exit all 3 units at the same time, why open 3 units and not just 1?
It's just a way of comparing apples to apples.
Always a Student, Never a Master - Emulate What Works
  • #7,233
  • Jan 19, 2022 7:51am Jan 19, 2022 7:51am
Quoting stiffdogg06
Just to have a discussion. If over time, it is more profitable to exit all 3 units at the same time, why open 3 units and not just 1? I think I like the 1 unit order and use a fixed SL until price starts moving and then add a trailing stop (TS). What's is everyone's opinion on a TS and what is typically a good TS in pips?
In my case it's because getting 5 or 6 trades in profit at the same time happens infrequently. It happened yesterday for me, but today, following the same routine, I rejected most of the setups that were signalled by the TDI. Other days the trades go their own ways in their own time and the "basket trading' scenario doesn't present itself.
  • #7,234
  • Jan 19, 2022 9:20am Jan 19, 2022 9:20am
Quoting RobinHood
{quote} It's just a way of comparing apples to apples.
So, been reading "Trading your way to Financial Freedom" and one paragraph said:

"Many traders advocate the use of dollar stops. These have somewhat of a psychological advantage—you figure out how much you are willing to lose on a trade and set that as a stop beforehand. In addition, they also have several technical advantages. First, such stops are not that predictable. Most people are not likely to figure out where you got into the market, so they are not likely to figure out that your stop is $1,500 or $1,000 away. Second, when such stops are beyond the MAE, they end up being very good stops. Simply determine, in dollars, what your MAE is likely to be in a given contract and set your stop a little beyond that. However, some people confuse such stops with position sizing and then ignore position sizing. These people believe that if you want to risk 1 percent of your equity and you have $100,000, then just put your stop $1,000 away and call it a money management stop. This is naïve. If this is how you set your stop, don’t confuse it with position sizing. Position sizing is the most important part of your system in determining how much you are likely to make trading the system. Don’t give up that most important component of your system by doing something so naïve as to set money management stops. "

This is basically what I have been doing. If the low/high of 2 candles back is 30 pips away from my entry, the position size calculator adjusts the lot size to accommodate the $1k Stop Loss level.
Remember, the market never lies. It is only we who lie to ourselves.
  • #7,235
  • Jan 19, 2022 3:46pm Jan 19, 2022 3:46pm
It's been about 5-6 years since I posted in this forum. I went on to become a professional and ultimately founded and ran a CTA business and traded client accounts in the futures market. Everything went very well and we built a solid business... but I hated it. So I sold the CTA to a larger firm and retired back to my personal trading. So, just a quick background on me.

I returned to FF to see what's going on and I stumbled across this thread and found the method both simple and fascinating. I have built my method over several years and it's very solid, but I'm always curious about the methods of others and like to play with them on my testing accounts - always with real money (to "keep it real"). I have found an interesting dynamic that some of you may find compelling. I have included a chart, below. The chart is RH's method built in Trading View. I've left out a few things that I don't need for decision making.

The white arrows point to HA doji candles that are occurring in the channel created by the HMA and EMA. You will notice that when the doji body is contained in the channel and the oscillators are concurrent above or below the mid-line (matching the direction of the most recent price action), a reversal is strongly indicated. Of course, you will see a few instances where a reversal did not occur, but I am finding those to be the minority. Thus, a proper stop strategy should produce a majority of profits. So far, I have traded both RH's methods and this reversal method with some stellar results.
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  • #7,236
  • Jan 20, 2022 4:40am Jan 20, 2022 4:40am
Quoting WickedDaddy
It's been about 5-6 years since I posted in this forum. I went on to become a professional and ultimately founded and ran a CTA business and traded client accounts in the futures market. Everything went very well and we built a solid business... but I hated it. So I sold the CTA to a larger firm and retired back to my personal trading. So, just a quick background on me. I returned to FF to see what's going on and I stumbled across this thread and found the method both simple and fascinating. I have built my method over several years and it's very...
Can you share the indicator for MT4 users
  • #7,237
  • Edited 5:38am Jan 20, 2022 5:23am | Edited 5:38am
Quoting WickedDaddy
It's been about 5-6 years since I posted in this forum. I went on to become a professional and ultimately founded and ran a CTA business and traded client accounts in the futures market. Everything went very well and we built a solid business... but I hated it. So I sold the CTA to a larger firm and retired back to my personal trading. So, just a quick background on me. I returned to FF to see what's going on and I stumbled across this thread and found the method both simple and fascinating. I have built my method over several years and it's very...
Interreseting Observation. Are you using the Default MAs from TMSr, the 5 EMA and the 12,3 HMA and how would you trade this Doji in Detail?

Thanks a lot in advance.
  • #7,238
  • Jan 20, 2022 6:14am Jan 20, 2022 6:14am
Hi all, returning to trading after a busy few months at uni.

I was hoping to get a critique on this entry, the candle still has a couple of hours before close but i have to leave my PC for a while so i have placed a sell order below the low of the current bear candle, stop loss is above the swing high (around 40 pips). I understand the full entry critera are not yet fulfilled, however if my order gets triggered it's likely they will be triggered by then. Position scaled to 1% maximum risk.
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  • #7,239
  • Jan 20, 2022 7:58am Jan 20, 2022 7:58am
Quoting UkSmurfy
Hi all, returning to trading after a busy few months at uni. I was hoping to get a critique on this entry, the candle still has a couple of hours before close but i have to leave my PC for a while so i have placed a sell order below the low of the current bear candle, stop loss is above the swing high (around 40 pips). I understand the full entry critera are not yet fulfilled, however if my order gets triggered it's likely they will be triggered by then. Position scaled to 1% maximum risk. {image}
I won't speak specifically about this particular trade, but generally speaking, you should only use indicators and trading methods that "you" really believe in, and that is usually best accomplished through back-testing.

It has long been my experience that when you go against your indicators, or don't wait for the correct trading set-ups (based upon your indicators and/or your trading methods) before you enter a trade, then the trading gods will most often punish you for doing it.
Always a Student, Never a Master - Emulate What Works
  • #7,240
  • Jan 20, 2022 8:48am Jan 20, 2022 8:48am
Quoting UkSmurfy
Hi all, returning to trading after a busy few months at uni. I was hoping to get a critique on this entry, the candle still has a couple of hours before close but i have to leave my PC for a while so i have placed a sell order below the low of the current bear candle, stop loss is above the swing high (around 40 pips). I understand the full entry critera are not yet fulfilled, however if my order gets triggered it's likely they will be triggered by then. Position scaled to 1% maximum risk. {image}
I've learned the hard way. Follow the indicators and wait for the set up candle to CLOSE before doing anything. I typically wait for the next candle to break the high or low the set up candle. But that all depends on how I see the momentum.

Mental game is no joke. The AUDUSD trade was down $1200 yesterday but none of the indicators said to exit, so I have been letting it run. It hit 1:1 this morning (goal is 1.5:1), so SL was moved to BE + 5 pips. It's hard mentally not to close out the trade with almost $1400 in profit.
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Remember, the market never lies. It is only we who lie to ourselves.
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